Axiom Bank Acquires Allied Affiliated Funding
Axiom Bank, a community bank with retail branches located inside Walmarts throughout Florida, announced this week that it has acquired a factoring company, Allied Affiliated Funding.
“Allied has a proven track record of success with accounts receivable lending, which fits well with Axiom’s broader business plan to diversify and expand our commercial lending operation,” said Axiom Bank President and CEO Daniel Davis. “Allied is also an excellent fit culturally for us. They have a strong management team with the expertise to help emerging companies and businesses that are seeking growth, as well as those that need working capital.”
Allied’s factoring product will add to Axiom Bank’s offering for its small business owners clients. Likewise, Axiom Bank’s capabilities in cash management services will provide new opportunities for Allied’s current commercial clients. Allied is based in Dallas, Texas.
“Axiom is a Florida-based nationally chartered bank with a strong entrepreneurial spirit that is focused on maximizing clients’ potential,” Allied Affiliated Funding CEO Clay Tramel. “Combining forces helps us to deliver on a shared vision with greater creativity by offering new exciting products, including asset-based lending, in the marketplace.”
Tramel will stay on as CEO of what will now be known as Axiom Factoring. Gen Merritt-Parikh will serve as President and be in charge of the day-to-day operations.
Acquiring other companies has been a cornerstone of Axiom Bank’s growth strategy, including branch expansions (there are now 24 branches) as well as the launch of AxiomGO, a mobile banking app. Axiom was also recently approved as an SBA preferred lender, a designation that allows the bank to independently approve and underwrite SBA 7(a) loans.
Established in 1962, Axiom Bank is based in central Florida and provides retail banking services, including checking, deposit, and money market accounts.
Last modified: July 12, 2018
Todd Stone was a reporter for deBanked.
